Virginia, known for its rich history and beautiful landscapes, offers excellent opportunities for short-term rental investors. From vibrant cities to charming historic towns, these markets provide strong investment potential.
Our latest tool, Chalet Intel, provides comprehensive insights and strategies tailored to investors at all experience levels. It includes a calculator, regulation overview, and much more for each market discussed. Links will be provided for each market, allowing you to conduct a more detailed analysis on your own.
1. Virginia Beach, Virginia
Virginia Beach, VA, known for its long sandy beaches and lively boardwalk, is a popular coastal destination for tourists seeking both relaxation and entertainment.
Virginia Beach has seen a stable increase in home values, with the average price now at $400,000. The market thrives with an ADR of $225.00 and an occupancy rate of 55%, translating to an annual revenue of $45,000 from 2,000 active rentals. The gross yield here is 8.40%, with a cap rate of 5.00%.
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2. Richmond, Virginia
Richmond, VA, the state capital, offers a mix of historical sites, cultural attractions, and a vibrant food scene, making it a popular destination for tourists.
Richmond has seen a stable increase in home values, with the average price now at $300,000. The market shows promise with an ADR of $175.00 and an occupancy rate of 55%, generating annual revenues of $35,000 from 1,500 active rentals. The gross yield stands at 7.80%, with a cap rate of 4.50%.
For more insights into Richmond as a rental market, explore Chalet Intel.
3. Norfolk, Virginia
Norfolk, VA, known for its naval base, waterfront attractions, and vibrant arts scene, is a dynamic city for short-term rentals.
Norfolk has seen a stable increase in home values, with the average price now at $275,000. The market shows promise with an ADR of $165.00 and an occupancy rate of 55%, generating annual revenues of $33,000 from 1,200 active rentals. The gross yield stands at 7.50%, with a cap rate of 4.00%.
For more comprehensive insights into Norfolk as a rental market, explore Chalet Intel.
